USD/CHF closed higher on Monday ending a three-day bounce off the 50% retracement level of the 2008-2009-decline crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are diverging but are turning bearish hinting that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted. If it resumes the rally off November's low, the 62% retracement level of the 2008-2009-decline crossing is the next upside target.